ASX data center player sells US assets to bolster balance sheet

Morning Star AU

05/07

DigiCo Infrastructure REIT (ASX:DGT) announced the sale of Chicago data center CHI1 for USD 750 million, as well as its intention to sell the LAX1 and LAX2 sites. Its security prices shot up over 20% ...

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Its security prices shot up over 20% ...</p>\n\n<a href=\"https://www.morningstar.com.au/stocks/asx-data-center-player-sells-us-assets-bolster-balance-sheet\">网页链接</a>\n\n</div>\n","source":"morningstar_stock","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ASX data center player sells US assets to bolster balance sheet</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nASX data center player sells US assets to bolster balance sheet\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-05-07 00:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.morningstar.com.au/stocks/asx-data-center-player-sells-us-assets-bolster-balance-sheet><strong>Morning Star AU</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>DigiCo Infrastructure REIT (ASX:DGT) announced the sale of Chicago data center CHI1 for USD 750 million, as well as its intention to sell the LAX1 and LAX2 sites. Its security prices shot up over 20% ...</p>\n\n<a href=\"https://www.morningstar.com.au/stocks/asx-data-center-player-sells-us-assets-bolster-balance-sheet\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"DGT.AU","symbol_name":"DigiCo Infrastructure REIT","start_time":0,"source_url":"https://www.morningstar.com.au/stocks/asx-data-center-player-sells-us-assets-bolster-balance-sheet","article_id":"2633196352","we_media_id":null,"thumbnails":[],"rights":{"source":"morningstar_stock","url":"https://www.morningstar.com.au/stocks/asx-data-center-player-sells-us-assets-bolster-balance-sheet","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2633196352","pubTimestamp":1778083200,"columns":[],"sourceInfo":{"source_id":"morningstar_stock","name":"Morning Star"},"weMediaInfo":null,"summary":"DigiCo Infrastructure REIT (ASX:DGT) announced the sale of Chicago data center CHI1 for USD 750 million, as well as its intention to sell the LAX1 and LAX2 sites. Its security prices shot up over 20% ","collect":0,"end_time":0,"defaultTopTitle":"morningstar.com.au","property":[],"viewcount":null,"language":"en","relate_stocks":{"DGT.AU":"DigiCo Infrastructure REIT","BK7166":"数据中心房地产信托"},"translate_title":"澳大利亚证券交易所数据中心公司出售美国资产以增强资产负债表","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"DGT.AU":1},"content_text":"DigiCo Infrastructure REIT (ASX:DGT) announced the sale of Chicago data center CHI1 for USD 750 million, as well as its intention to sell the LAX1 and LAX2 sites. Its security prices shot up over 20% intraday May 6.Why it matters: The sale of CHI1 will help shore up the company’s balance sheet, which had increasingly become a concern for investors. Following the sale, gearing reduces to 17% from 36% previously.The asset sold for a good price, reflecting strong demand for data centers, in our view, as the world scrambles to deliver enough compute for the artificial intelligence revolution. Continued capital expenditure commitment by hyperscalers suggests this environment will persist for the medium term.The sale was at a 5% premium to the 2024 purchase price. Importantly, strong demand for data centers suggests the company will be able to dispose of assets efficiently, if required to support its balance sheet.The bottom line: We maintain our fair value estimate for no-moat DigiCo of AUD 3 per security. Securities screen as fairly valued. Big picture: The company is increasingly becoming a single asset company with SYD1 expected to contribute the vast majority of revenue and EBITDA, especially given LAX1 and LAX2 are no longer expected to become operational data centers for the company due to pushback from locals.Coming up: The company expects the funds from the sale to provide capacity for building out SYD1 and the potential for capital management initiatives, including through distributions above funds from operation.DigiCo Infrastructure REIT: Balance sheet concerns addressed with asset saleDigiCo’s strategy in the near and medium term focuses on increasing the operating capacity of the company’s assets, primarily through the expansion of existing facilities.As of December 2024, just under 20% of the company’s total assets, as measured by total capacity, were operating and generating revenue, while the overall group was highly leveraged from the acquisition of various development assets. The expected sale of CHI1 for USD 750 million in early fiscal 2027 for a slight premium is expected to reduce net debt to more manageable levels. Expansion within SYD1 is expected to provide a near-term boost to revenue.Over the medium to long term, the company’s strategy will be to increase the average maturity of its assets. This will primarily be done through the sale of its LAX1 and LAX2 sites in Los Angeles, which are expected to be sold off. As the portfolio matures and operating assets can better support the company’s debt levels, we expect the company to acquire new developments while still keeping the average portfolio maturity higher than it was at the time of IPO.Bulls sayData centers are a hot commodity, and benefit from accelerated demand from generative AI, which may result in ongoing supply shortages for years to come.Several of the portfolio assets, such as SYD1 and ADL1 have the potential to be significantly improved.HMC Capital, the company’s investment manager, has a track record of successful turnarounds in other real estate fields.Bears sayData centers are likely near a cyclical high, and DigiCo risks having overpaid for assets.Data centers are a highly competitive industry with relatively low barriers to entry, which depresses returns over the long term.DigiCo is highly geared and risks liquidity issues in case of delays, cost blowouts or disappointing customer demand for its expansion or development assets.Get Morningstar insights in your inbox","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}